Teamsters Local 671 Health Services & Insurance Plan

Organization Overview

Teamsters Local 671 Health Services & Insurance Plan is located in Bloomfield, CT. The organization was established in 1956. According to its NTEE Classification (Y43) the organization is classified as: Voluntary Employees Beneficiary Associations (Non-Government), under the broad grouping of Mutual & Membership Benefit and related organizations. As of 06/2022, Teamsters Local 671 Health Services & Insurance Plan employed 5 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Teamsters Local 671 Health Services & Insurance Plan is a 501(c)(9) and as such, is described as a "Voluntary Employees Beneficiary Association" by the IRS.

For the year ending 06/2022, Teamsters Local 671 Health Services & Insurance Plan generated $34.4m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 1.9% each year. All expenses for the organization totaled $33.2m during the year ending 06/2022. While expenses have increased by 3.4% per year over the past 7 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.

Mission & Program ActivityExcerpts From the 990 Filing

TAX YEAR

2022

Describe the Organization's Mission:

Part 3 - Line 1

TO PROVIDE HEALTH AND WELFARE BENEFITS.

Describe the Organization's Program Activity:

Part 3 - Line 4a

TEAMSTERS LOCAL UNION NO. 671 HEALTH SERVICES AND INSURANCE PLAN (THE "PLAN") WAS ESTABLISHED JUNE 24, 1954 BY AN AGREEMENT BETWEEN TEAMSTERS LOCAL UNION NO. 671 OF THE INTERNATIONAL BROTHERHOOD OF TEAMSTERS, CHAUFFEURS, WAREHOUSEMEN AND HELPERS OF AMERICA (THE UNION") AND CERTAIN EMPLOYERS WHO WERE PARTIES TO COLLECTIVE BARGAINING AGREEMENTS WITH THE UNION REQUIRING CONTRIBUTIONS TO THE PLAN (THE "PARTICIPATING EMPLOYERS"). THE PLAN WAS ESTABLISHED TO PROVIDE HEALTH AND WELFARE BENEFITS TO ELIGIBLE EMPLOYEES OF PARTICIPATING EMPLOYERS AND THEIR ELIGIBLE DEPENDENTS. THE PLAN PROVIDES MEDICAL, VISION, DENTAL, PRESCRIPTION, ACCIDENTAL DEATH AND DISMEMBERMENT, DISABILITY AND LIFE INSURANCE BENEFITS.


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Outside Vendors & Contractors

Vendor Name (Service)Compensation
Anthem
Ppo; Claim Repricing
$512,219
Morgan Stanley
Investment Management
$125,252
Innovative Software Solutions Inc
Computer Consulting
$110,354
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Financial Statements

Statement of Revenue
Federated campaigns$0
Membership dues$0
Fundraising events$0
Related organizations$0
Government grants $0
All other contributions, gifts, grants, and similar amounts not included above$0
Noncash contributions included in lines 1a–1f $0
Total Revenue from Contributions, Gifts, Grants & Similar$0
Total Program Service Revenue$31,771,775
Investment income $1,911,533
Tax Exempt Bond Proceeds $0
Royalties $0
Net Rental Income $0
Net Gain/Loss on Asset Sales $567,966
Net Income from Fundraising Events $0
Net Income from Gaming Activities $0
Net Income from Sales of Inventory $0
Miscellaneous Revenue$0
Total Revenue $34,350,374

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